All Forum Posts by: Don C.

I highly recommend Old National Bank, they don't have a minimum principal amount. Message me for contact information

Hi all, same question here. Purchasing a SFH near Indy, looking for lenders who are willing to loan < 50K. Feel free to PM me too!

Hi @Ibrahim Hughes, thanks for your input. That's what I was afraid of.. in which case this wouldn't be a good opportunity for me. Maybe this would be a better flip than a buy and hold.

Hi @Michelle Clark - just the publicly available stuff: https://www.zillow.com/homes/for_sale/Newark-NJ/fsba,fsbo,new_lt/house,condo,apartment_duplex,townhouse_type/38699650_zpid/12970_rid/40.831865,-74.022446,40.630499,-74.341393_rect/11_zm/2_p/

Hey @Darren Cho, I just check the usual sites - zillow, trulia, realtor.com, and redfin. This one I saw on zillow. But I want to stress that I'm not convinced this is a good deal, mostly because 1) $10K in repairs sounds like it's a big underestimation, and to a lesser degree 2) it's not a great area so the tenants may not be great.

Hi @Noel Challenger,

Thanks for the response. The $10K repair cost estimate is admittedly a best guess, assuming the property right now is in fair condition with no major repairs (e.g. new roof) needed. I haven't had an inspection yet and haven't walked through the property. You can consider this analysis a best-case scenario even.

I suppose if the numbers seem favorable, then the next step would be to look at the property with the listing agent.

Has anyone looked into the Newark area? Seems like a decent area to invest in. Here's a house that just came on the market:

2FH, 2BR 2BATH in one unit, 2BR 1BATH in other unit

asking price: $89K

purchase price: $71,200

down payment: $14,240

closing: $2,136

repairs: $10,000

total OOP: $26,376

Monthly Cost

PITI: $837

vacancy: $250

maintenance: $250

capEx: $125

Total monthly cost: $1462

monthly rent: $2100

monthly cash flow: $638

CoC: 7656 / 26376 = 29%

Does this seem too good to be true? Is $10K a ridiculously low estimate? I haven't had a home inspection yet.